Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/dynatrace-holdings-llc" target="_blank" data-smartkarma-citation="entities:28158:1" rel="noopener">Dynatrace Holdings LLC (DT US)</a> is a US-based Application Performance Monitoring (APM) SaaS company that is set go public on Monday (29th Monday 2019). At the mid-point of the IPO price range, Dynatrace is valued at a market cap of $3.5bn and an EV of $2.1bn. Dynatrace plans to raise $427m (at the mid-point of the IPO price range) floating 12% of ownership.</p>
<p>Dynatrace is yet another opportunity for investors to get exposure to the enterprise SaaS market following the success of recent IPOs like <a href="https://www.smartkarma.com/entities/slack-technologies-inc" target="_blank" data-smartkarma-citation="entities:27904:1" rel="noopener">Slack Technologies Inc (WORK US)</a>, <a href="https://www.smartkarma.com/entities/zoom-technologies-inc" target="_blank" data-smartkarma-citation="entities:28002:1" rel="noopener">Zoom Technologies Inc (ZOOM US)</a>, <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings Inc (CRWD US)</a> and <a href="https://www.smartkarma.com/entities/medallia-inc" target="_blank" data-smartkarma-citation="entities:28160:1" rel="noopener">Medallia Inc (MDLA US)</a>. Dynatrace’s “all-in-one” AI-enabled software intelligence platform allows the company to compete effectively with other APM solutions currently in the market, however, investors should be wary of tightening competition in the APM space and Dynatrace’s higher customer acquisition costs both in terms of discounted prices, and higher sales and marketing costs which would deter the company’s profitability going forward.</p>

Dynatrace Holdings LLC (DT US) is a US-based Application Performance Monitoring (APM) SaaS company that is set go public on Monday (29th Monday 2019). At the mid-point of the IPO price range, Dynatrace is valued at a market cap of $3.5bn and an EV of $2.1bn. Dynatrace plans to raise $427m (at the mid-point of the IPO price range) floating 12% of ownership.
Dynatrace is yet another opportunity for investors to get exposure to the enterprise SaaS market following the success of recent IPOs like Slack Technologies Inc (WORK US), Zoom Technologies Inc (ZOOM US), Crowdstrike Holdings Inc (CRWD US) and Medallia Inc (MDLA US). Dynatrace’s “all-in-one” AI-enabled software intelligence platform allows the company to compete effectively with other APM solutions currently in the market, however, investors should be wary of tightening competition in the APM space and Dynatrace’s higher customer acquisition costs both in terms of discounted prices, and higher sales and marketing costs which would deter the company’s profitability going forward.

Dynatrace IPO: Attractive at 3.8x EV/Rev but High CAC Is a Concern

United States

Dynatrace, Inc. operates as a holding company. The Company, through its subsidiaries, develops software intelligence platform for the enterprise cloud. Dynatrace offers software intelligence platform to allow customers to modernize and automate IT operations, develop and release high quality software faster, and improve user experiences for better business outcomes.

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Dynatrace (DT US)

Dynatrace IPO: Attractive at 3.8x EV/Rev but High CAC Is a Concern

Dynatrace Holdings LLC (DT US) is a US-based Application Performance Monitoring (APM) SaaS company that is set go public on Monday (29th Monday...

Supun Walpola

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